Caesars Entertainment, Inc. Reports First Quarter 2024 Results

About this update from Caesars Entertainment, Inc.

[{"type":"text","content":" LAS VEGAS & RENO, Nev.--(BUSINESS WIRE)--\nCaesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating results for the first quarter ended March 31, 2024.\n\n\nFirst Quarter 2024 and Recent Highlights:\n\n\n\nGAAP net revenues of $2.7 billion versus $2.8 billion for the comparable prior-year period.\n\n\n\nGAAP net loss of $158 million compared to net loss of $136 million for the comparable prior-year period.\n\n\n\nSame-store Adjusted EBITDA of $853 million versus $947 million for the comparable prior-year period.\n\n\n\nCaesars Digital Adjusted EBITDA of $5 million versus $(4) million for the comparable prior-year period.\n\n\n\nTom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “Operating results during the first quarter in Las Vegas are a combination of record occupancy, driven by the Super Bowl and international visitation for Chinese New Year, offset by lower-than-expected hold. In our Regional segment, results reflect weather related weakness in January and early February partially offset by our new property openings. Caesars Digital delivered strong revenue growth despite lower-than-expected hold in online sports due to unfavorable outcomes for the Super Bowl and March Madness. Moving past the first quarter headwinds, we remain optimistic toward improved operating results throughout the balance of the year.”\n\n\nFirst Quarter 2024 Financial Results Summary and Segment Information\n\n\nAfter considering the effects of our completed divestiture, the following tables present adjustments to net revenues, net income (loss) and Adjusted EBITDA as reported, in order to reflect a same-store basis:\n\n\n\n\nNet Revenues\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n\n\n\n(In millions)\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023 Adj.(a)\n\n\n\n\n\n\n \n\n\n\n\n\n\nAdj. 2023 Total\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\nLas Vegas\n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,028\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,131\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n(54\n\n\n\n\n\n\n)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n1,077\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n(4.5\n\n\n\n\n\n\n)%\n\n\n\n\n\n\n\n\nRegional\n\n\n\n\n\n\n \n\n\n\n\n\n\n1,365\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n...

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